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Today, Sen. Max Baucus finally unveiled out the long-awaited Senate Finance Committee version of an American health-system overhaul – a landmark $856 billion, 10-year measure that will go before Congress. Currently the bill does not have any visible Republican backing.

The bill by Baucus, chairman of the Finance Committee, would make major changes to the nation’s $2.5 trillion health care system, including requiring all individuals to purchase health care or pay a fine, and language prohibiting insurance company practices like charging more to people with more serious health problems.

Other changes to the nation’s health care practices include expansion of Medicaid and caps placed on patients’ yearly health care costs. Rather than a public option, the bill includes a system of nonprofit member-owned cooperatives, or co-ops designed to stand in place for a public option. New purchasing exchanges will be set up to provide insurance for low-income citizens. A sticking point of the bill is that it will not be available to illegal immigrants or finance abortions.

The plan would be paid for with $507 billion in cuts to government health programs and $349 billion in new taxes and fees, including a tax on high-end insurance plans and fees on insurance companies and medical device manufacturers. Read the full proposed legislation below.

Baucus Health Care Bill - Full Text -